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China steel output cuts deepen, bank loans bounce

11 September 2012

National output of crude steel in August, published today by the National Bureau of Statistics (NBS), slid to 58.7m tonnes, down 5% from July. This confirms our expectations (CC Sept 6 Capital Intensive China) that production cuts have been deeper than estimated by the China Iron and Steel Association (CISA), which put the fall in output at 3% MoM in August. We think September may be another weak month for steel output in spite of signs of rising construction because the steel inventory overhang remains huge.

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